Forex Price Action

Alienonweed · April 12, 2012, 3:15pm

Good idea Ang101

Alienonweed · April 12, 2012, 3:25pm

Couple possible areas of interest I’m looking at:

Nzd/USD: Looking for bearish action at upper bound of range on daily around 0,825. If it breaks above (which is looking highly probable), will be looking for a retest of that level for a long.

Cad/Jpy: Broke support at 82 level. Waiting for retest of this level for a possible short.

Any thoughts?

dudest · April 13, 2012, 1:55am

Heads up:

Cheers

Spongybob · April 13, 2012, 3:49am

Nice going Dudest

bhops · April 13, 2012, 4:26am

You on this Aussie/Yen pair Dudest?

szatek · April 13, 2012, 4:31am

I am
Hello everybody. My first post on this thread.

bhops · April 13, 2012, 5:21am

Welcome welcome and don’t be shy to post up any trade ideas or questions. There are some really good people in this thread who will help you out.

Forex_School_Online · April 13, 2012, 5:30am

Welcome Statek!

Hey all,

So now this pair has moved along I can post it up in here. I need to say this to make it clear for all. To be fair I do not post live trades in here. I only post live trades such as this one on the AUDJPY for my members at FSO forum. I do still post trades after they have been and gone in here as this can still help traders learn what is trade able and what price is all about.

Anyway here we had a nice BEEB on the 4hr chart with the strong momentum/trend and at a key area and pullback zone.
Dudest did cover this trade along with a few others and this for me was the pick of the bunch.

AUDJPY 4HR CHART

Paddymctaff · April 13, 2012, 5:33am

Dudest on the GBP/USD are you shorting that and targeting the BRN of 1.5900? Are you not concerned about the swing high at bout half way in that range around the 1.5925 mark?

szatek · April 13, 2012, 5:33am

First target price at 82.69 ?

Ang101 · April 13, 2012, 6:15am

szatek you not going to get the cake with the cherry ontop and eat it here.

Money management they only talk about in FSO forum. Fair in my opinion.

Later

Ang101 · April 13, 2012, 6:17am

Paddymctaff nice spot dude about GBPUSD, its why im not taking that trade either

szatek · April 13, 2012, 6:17am

I was hoping for other people’s opinion. Not necessarily forex school online

bitizhu · April 13, 2012, 7:00am

Hi szatek!
I would expect 83.20.

szatek · April 13, 2012, 7:05am

Any specific reason for that ?

Paddymctaff · April 13, 2012, 7:39am

Thanks. Getting there slowly but surely I hope. Be interested to see if anyone else agrees as well…?

dudest · April 13, 2012, 8:34am

Hi Bryce! Yes. Took GBPUSD and AUDJPY

dudest · April 13, 2012, 8:55am

Hi Paddy,

Wasn’t too worried about it (used the level to take some profit off though)
I really thought it had a chance of hitting 1.5900 (came within 8pips of target!)
All my positions are now exited (at partial profit or breakeven)

Cheers!

szatek · April 13, 2012, 9:03am

God damn you bullish candle on AUDJPY 4H chart. Still holding on to the trade.

dudest · April 13, 2012, 9:13am

Hi szatek,

My target TPs for this AUDJPY trade are around 83.60 and 82.53
Reasons: purely because they are the next S/R levels on the way down

PS:

-> I don’t have a fixed pre-determined risk:reward ratio when entering a trade ( I believe the point of learning to pick A+ trades is that they have a high probability of delivering worthwhile risk:reward )

-> I set my stop loss beyond the setup I’m trading ( e.g in this case, 10pips above the BEEB’s high ) and set TPs at the next relevant S/R levels. ( If it was a bullish setup, the stop loss would be 10pips below the low of the setup )

That’s how i do it.
Cheers!